Morgan Stanley's earnings fell by 17%, surprising Wall Street after the more positive earnings announcement from Lehman yesterday.
Quarterly profit fell $1.54 billion or $1.44 a share, compared to $1.85 billion, or $1.75 a share in the year-ago period. Revenue rose 13% to $7.96 billion, from $7.06 billion. The increase of revenue was attributable to stronger investment bankins fees, which helped to cushion losses in other areas.
The company reported that loan markdowns in the second quarter cost $940 million.
Analysts polled by Thomson Financial had expected the firm to earn $1.54 a share in the quarter.
The stock opened down but is currently up by about 1 point, or a little over 1%.
Now, the question is, is the worst over or is it just beginning?
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